Statewide pending home sales increased in October, with the Pending Home Sales Index (PHSI)* rising 2.5 percent from a revised 110.7 in September to 113.4 in October, based on signed contracts. The month-to-month gain was better than the average increase of 0.9 percent from September to October observed in the last seven years.
On an annual basis, statewide pending home sales were up 13.9 percent from the revised 99.5 index recorded in October 2014. Pending sales have been increasing on a year-over-year basis since November 2014 and have seen double-digit increases for nine straight months.
At the regional level, pending sales were higher on a year-over-year basis in all areas, with Southern California and Central Valley both increasing at a double-digit rate compared to last October.
San Francisco Bay Area pending sales rose 16.3 percent to reach an index of 145.6 in October, up from September’s 125.2 and up 16.1 percent from October 2014’s 125.4 index.
Pending home sales in Southern California increased to 94.3 in October, up 9.8 percent from 85.9 in September and up 9 percent from an index of 86.5 a year ago.
Central Valley pending sales dropped in October to reach an index of 89.5, down 13.9 percent from September’s 103.9 index but up 18.6 percent from October 2014’s 75.5 index.